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Overseas Property News
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Spanish property mortgage approvals increase
Country: Spain
5 August 2009 The number of new Spanish property mortgages approved in May rose by 15% to 57,614 compared to the previous month, indicating that demand for property in Spain is rising, according to Spain’s National Institute of Statistics. However, on an annual basis the volume of mortgages issued in May fell 23%, compared to the corresponding month last year. The average mortgage value in May fell 14% to €121,120 (£102,560) year-on-year, but rose 5% month-on-month potentially reflecting the fact that cheaper properties in Spain are now available, in light of the fact that residential prices have plummeted in Spain over the past couple of years. Overall new mortgage lending was €7bn, down 33% year-on-year, but 20% higher than April. The average interest rate agreed for new mortgages in May was 4.6%, 11% lower in percentage terms than a year ago, and 2.2% lower than the previous month. The majority - 96% - of all Spanish mortgages secured were on a variable rate, with the other 4% fixed. Editor’s comment: “The rising mortgage trend is excellent news for the Spanish property sector, and offers fresh hope that the market may be closer to the bottom. “The fact that the average interest rate agreed in May fell is reflected in the lower Euribor, the interest rate traditionally used to calculate mortgage payments in Spain. The rate, which fell to 1.61% in May, now stands at around 1.4%, suggesting that mortgage borrowing rates, and in turn payments, may fall further, which effectively lowers the cost of owning a home in Spain.”
See Also: Marc Da-Silva, Mortgage, Spain
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